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The FSA has today announced a new waiver to come into force until January 2010.
With the test case between the OFT and the Banks held up in the House of Lords the move is not a suprise and LegalBeagles welcome the continuance of the waiver and the clarification of guidance and reporting with regards complainants in financial difficulty. Over 170,000 consumers have claimed financial difficulty since the waiver was introduced in July 2007.
Premature lifting of the waiver, despite the one sidedness of it in allowing banks to continue charging consumers whilst they have little redress until the legal issues are resolved, would cause mayhem in the courts and put the banks and financial ombudsman service under massive pressure, and claimants would be unable to receive the redress to which they may be fully entitled. We want to see a complete resolution of all the issues involved first - and expect the waiver to continue past handing down of a judgment from the House of Lords at least until the OFTs decision on fairness is finalised and either voluntary compliance from the Banks or forced compliance in court.
A General Litigation Order is still being discussed with claimants and solicitors in order to resolve secondary issues such as limitations, interest and restitution. We would hope this would clarify matters an make any refunds due more efficient.
Beagles continue to push the Banks, OFT, FOS and FSA into treating individuals in financial difficulty properly, during and after the test case and would like to see more emphasis on assisting consumers long term.
You can read more on the waiver on our main test case discussion thread TODAY at the House of Lords - OFT v Banks latest news - Page 11 - Legal Beagles
You can read the new waiver here http://www.fsa.gov.uk/pages/Doing/Re...nthly_0790.pdf
See FSA documents regarding how the monitor the firms compliance with the waiver here - FSA Waiver Monitoring - Legal Beagles
Since January 2009 the FSA have visited 7 firms for full day visits to check compliance. On 19th March 2009 the FSA issued firms with a letter clarifying issues involved in the waiver with regards hardship - you can read this 19th March Letter - Guidance to Firms - Legal Beagles
With the test case between the OFT and the Banks held up in the House of Lords the move is not a suprise and LegalBeagles welcome the continuance of the waiver and the clarification of guidance and reporting with regards complainants in financial difficulty. Over 170,000 consumers have claimed financial difficulty since the waiver was introduced in July 2007.
Premature lifting of the waiver, despite the one sidedness of it in allowing banks to continue charging consumers whilst they have little redress until the legal issues are resolved, would cause mayhem in the courts and put the banks and financial ombudsman service under massive pressure, and claimants would be unable to receive the redress to which they may be fully entitled. We want to see a complete resolution of all the issues involved first - and expect the waiver to continue past handing down of a judgment from the House of Lords at least until the OFTs decision on fairness is finalised and either voluntary compliance from the Banks or forced compliance in court.
A General Litigation Order is still being discussed with claimants and solicitors in order to resolve secondary issues such as limitations, interest and restitution. We would hope this would clarify matters an make any refunds due more efficient.
Beagles continue to push the Banks, OFT, FOS and FSA into treating individuals in financial difficulty properly, during and after the test case and would like to see more emphasis on assisting consumers long term.
You can read more on the waiver on our main test case discussion thread TODAY at the House of Lords - OFT v Banks latest news - Page 11 - Legal Beagles
You can read the new waiver here http://www.fsa.gov.uk/pages/Doing/Re...nthly_0790.pdf
See FSA documents regarding how the monitor the firms compliance with the waiver here - FSA Waiver Monitoring - Legal Beagles
Since January 2009 the FSA have visited 7 firms for full day visits to check compliance. On 19th March 2009 the FSA issued firms with a letter clarifying issues involved in the waiver with regards hardship - you can read this 19th March Letter - Guidance to Firms - Legal Beagles
